MANILA, Philippines — Oil prices are expected to increase this week after trading in the world market trended higher.

“Expect fuel prices to go up again next week. Diesel and gasoline should go up by P0.70 - P0.80 per liter,” Unioil Philippines said yesterday in its official Twitter account.

The impending price hike comes after eleven consecutive weeks of reduction for diesel and kerosene prices, and three successive weeks for gasoline.

Ahead of the New Year holidays, the last price adjustment of oil companies amounted to a decrease of P1.30 per liter on gasoline, P1.85 per liter on diesel and P1.90 per liter on kerosene.

Earlier in the trading week, the Department of Energy (DOE) said oversupply concerns and slower demand continued to dampen global oil prices. However, the trend changed in the last two days of the trading week.

On Thursday, oil prices surged by over one percent on signs that major oil producer Saudi Arabia will cut output, Reuters reported.

Global oil prices rose two percent as the proposed US-China talks provided a boost in early Friday trading but retreated at the close due to a rise in US output.

The Senate adjourned yesterday without passing the Bayanihan to Recover as One Act or the second part of the Bayanihan to Heal as One Act, meant to empower President Duterte to address the coronavirus disease 2019 pandemic.

Jeepney drivers will be provided with the third tranche of cash assistance this month to help them and their families cope with the crisis caused by the coronavirus disease 2019, presidential spokesman Harry Roque said.